The third parties can categorized as either low risk, medium risk or high risk and accordingly the extent and depth of screening will be decided. Back check compiles information about these third parties from list of sanctions and watch lists which cover crimes like white collar crime, crimes against humanity, terrorists, non-financial sanctions, financial sanctions, insolvencies, penal and civil procedures, international warrants, wanted list, and many other crimes covered in 1200watch lists spread over 80 countries are covered by BACKGROUND CHECK GROUP.
Great reputational damage can be suffered by a company due to association to wrong third parties. Therefore, hire the dedicated local and global teams of BACKGROUND CHECK GROUP and give your business a transparent and ethical look, which conveys to all government authorities and other people in the market that you are not associated with anything illegal.
The first step in the screening process of these third parties is to know the scope of the parties and for that you need to know geographic risk associated with their area of operations, how will the third party be associated with your company, will they contact government agencies on your behalf and will they influence decision relating to your company? Once this scope is decided, due diligence begins.
Screening process includes three steps:
- Data collection
- Verification of data
- Evaluation of results.